Buy Time (Support ICE Price)

Background

Ice Poker tokenomics is on a good way to stabilizing. Lots of ice sinks such as ice marketplace, tournaments, and mobile mints are in development. But with the current prices and the ice poker mobile being at least 6 weeks away, there is much panic, and we are bleeding players/investors and losing the trust of our community.

Proposal

Buyback ICE with the treasury money whenever ICE goes below 0.05 and save it to the treasury. When we achieve more burn than the minted ice, the team will have the discretion to sell half of the ICE pair it with the remaining half, and add to the ice-usdc liquidity pool. In the future with changes in the dynamics always there can be another proposal suggesting something else with the bought-back ICE. The team will also have the discretion to choose which funds to use (DAI-ETH etc.)

Rationale

Our most valuable asset is our community. Our community is not just players and owners. There are hundreds of people who are highly contributing to the governance of this ecosystem. They know the past and all the struggles the team is going through. We don’t want to lose our community and this community cannot be earned back easily. You can increase player count easily but not a community like this. The team is developing ice sinks but to not lose people we must support ice price.

With the way we buy ice back and save it for future use, if the team can deliver the promised ice sinks, the treasury will not lose any money. If the team can’t deliver, the treasury will lose money. This will show confidence to everyone. DAO trusting the team to deliver and putting treasury money for it.

This buyback is a shot of adrenaline in its simplest way to describe. We are buying time for the team to develop. Treasury is very healthy right now and easily can handle this kind of buyback.

Every day approx. 3.5M ICE is being minted and 600k ICE is being burnt. This will result in 2.9M ICE sell pressure at maximum sell. Which is equal to 145k USD with the current prices. Probably people won’t sell at the current pace when they know 0.05 is the lowest point that ICE can be, and it will probably go higher in the future. But even if they sell all the ice being minted daily, 45 days (approximate time for ice poker mobile) will result in 6.5m USD will be used from treasury which will end up in the liquidity pool after ICE buy-sell stabilize over 0. Hopefully, it take lesser than 45 days to implement new sinks + ice poker mobile and lesser people will sell ICE with the new program so a lot less treasury money will be used to buyback.

If we don't start a buyback program 45 days later ICE might be below 0.015 with the sell pressure exampled in the paragraph above. If we dont lose all of our players till that time (no player-no mint-no sell).

Right now people are not doing upgrades because they think if they upgrade now, it would be an expensive upgrade, with the expectation that ice price will keep dropping with the current economics. If people know that we are at the very bottom of ice price, they might start buying ice and upgrading their wearables at the cheapest price they might have. This will result in less money from the treasury used and more ice being burnt.

Opensea nft floor price is too low when compared a while ago. There is 2 reasons for it. One, ice price drops so ROI drops. But also confidence dropped a lot, people don't accept the ROI of two months ago and now they expect much better ROI because people don't trust the longevity of the project. If people believe that ICE price won't go any lower and add confidence to it, we should see an increase in fp which will follow with more confidence.

We can do all those things only using approximately 10% of the treasury money temporarily.